As of Aug. 1, 23 percent of all the homes for sale in the City of San Diego had seen a price reduction, says a report by Trulia.com, a real estate website.

That's compared to July where 20 percent of the homes for sale in San Diego had experienced a price cut. The average price reduction was 8 percent.

On a national level, Trulia estimated that 25 percent of all home listings have had at least one price reduction. The average size of the cut was 10 percent of the original list price, chopping an estimated $30.1 billion in value.

While San Diego had the fourth largest increase in the number of price reductions from July to August -- a 15 percent jump -- it was only 42nd out of the top 50 cities for the number of homes with price cuts.

Pete Flint, Trulia's CEO, said the price reductions are further evidence the housing market has yet to rebound.

"Sellers are feeling no relief this summer, in a market climate of fewer qualified buyers and widespread uncertainty about the job market. If buyers are unqualified to buy, it doesn't matter how low interest rates are or how discounted a home is," he said. "We will be bouncing around the bottom for months to come."

The cities with the highest percentages of price reductions were:

Minneapolis 42 percent

Milwaukee 39 percent

Dallas 36 percent

Boston 35 percent

Memphis 35 percent

Kansas City 35 percent

The cities with the lowest percentages of price reductions were:

Oakland 17 percent

San Jose 17 percent

Detroit 18 percent (though the average reduction was a whopping 26 percent)

Las Vegas

New York 20 percent

The local ZIP codes with the highest percentage of price reductions:

92060 Palomar Mountain 50 percent

92007 Cardiff by the Sea 44 percent

92124 San Diego 37 percent

92014 Del Mar 35 percent

92061 Pauma Valley 35 percent

92064 Poway 35 percent

92075 Solana Beach 34 percent

92106 San Diego 32 percent

92024 Encinitas 31 percent

92107 San Diego 30 percent

92091 Rancho Santa Fe 30 percent

92103 San Diego 30 percent

(Caveat: Many of the above ZIP codes have limited houses for sale so that can skew the numbers.)

The local ZIP codes with the lowest percentage of price reductions:

92086 Warner Springs 6 percent

91963 Potrero 7 percent

92066 Ranchita 7 percent

92139 San Diego 10 percent

91962 Pine Valley 11 percent

91911 Chula Vista 13 percent

92070 Santa Ysabel 13 percent

92595 Wildomar 13 percent

92121 San Diego 14 percent

91913 Chula Vista 14 percent

91950 National City 14 percent

(Remember how limited number of houses can skew the numbers? Same goes for some of the ZIP codes with low percentages of price cuts.)